Financial Performance - Net sales for Q1 2025 were $1.7 million, unchanged from the same period last year[6] - Gross profit increased to $320,000, representing 18.6% of sales, an improvement of 180% from a gross loss of $402,000 in Q1 2024[6] - Operating expenses declined by 10% to $1.4 million compared to $1.5 million in Q1 2024[6] - Net loss improved to $1.2 million, or $(0.50) per share, a 41% reduction from a net loss of $2.1 million, or $(0.85) per share in Q1 2024[6] - Cash used in operating activities was $584,000, down from $989,000 in the same period last year[6] Sales Performance - Sales to telecom customers represented 82% of total net sales in Q1 2025, up from 71% in Q1 2024[4] - Sales to international markets increased to 18% of total net sales in Q1 2025, compared to 6% in Q1 2024[4] Future Plans and Potential - The company plans to implement a remote monitoring system on over 5,000 legacy units in the next twelve months, expected to generate additional aftermarket revenue[4] - Approximately $13 million of raw materials in inventory will help reduce cash burn for the rest of the year[4] - The company has the potential to produce over $50 million in revenue per year with sufficient bookings due to improvements in manufacturing capacity[4]

Financial Performance - Fourth quarter net sales reached $437.7 million, a 5.8% increase from $413.7 million in the same quarter last year, with Aerospace/Defense up 10.6% and Industrial up 3.3%[4] - Fiscal 2025 net sales totaled $1,636.3 million, marking a 4.9% increase year-over-year, with Aerospace/Defense up 14.1% and Industrial up 0.2%[8] - Net income attributable to common stockholders for the three months ended March 29, 2025, was $72.7 million, an increase of 16.0% from $61.6 million in the same period in 2024[27] - Net income for the twelve months ended March 29, 2025, was $246.2 million, an increase from $209.9 million in the prior year, representing a growth of approximately 17.0%[33] Profitability Metrics - Gross margin for the fourth quarter was 44.2%, compared to 43.1% in the previous year, reflecting an increase in profitability[4] - Adjusted EBITDA for fiscal 2025 was 31.8% of net sales, up from 30.9% in the previous year, indicating improved operational efficiency[8] - Adjusted EBITDA for the twelve months ended March 29, 2025, was $519.8 million, compared to $482.2 million for the previous year, indicating a growth of 7.8%[29] - Basic net income per common share attributable to common stockholders for the three months ended March 29, 2025, was $2.32, up from $1.93 in the same period last year, an increase of 20.2%[27] Cash Flow and Leverage - The company generated free cash flow of $275 million, reducing net leverage to 1.7x, the lowest since the Dodge acquisition[6] - Net cash provided by operating activities increased to $293.6 million from $274.7 million, reflecting a rise of about 6.5% year-over-year[33] - Interest expense for Q4 fiscal 2025 decreased to $12.8 million from $18.8 million in the same period last year, attributed to debt reduction and lower interest rates[12] - Interest expenses decreased to $55.4 million from $75.7 million, indicating improved debt management[33] Sales and Backlog - As of March 29, 2025, the backlog was $940.7 million, up from $896.5 million at the end of December 2024, indicating strong future demand[16] - For Q1 fiscal 2026, the company expects net sales between $424.0 million and $434.0 million, representing a growth rate of 4.4% to 6.8% compared to the prior year[16] Segment Performance - The aerospace and defense segment reported net external sales of $157.3 million for the three months ended March 29, 2025, up from $142.4 million in the same period last year, marking an increase of 10.0%[28] - The industrial segment achieved net external sales of $280.4 million for the three months ended March 29, 2025, compared to $271.3 million in the same period in 2024, reflecting a growth of 3.9%[28] Expenses and Investments - SG&A expenses for Q4 fiscal 2025 were $72.1 million, up from $64.4 million in the same quarter last year, with SG&A as a percentage of net sales increasing to 16.5%[9] - SG&A expenses are anticipated to be between 16.75% and 17.25% of net sales for FY2026 Q1, indicating a focus on managing operational costs[33] - The company reported capital expenditures of $49.8 million, up from $33.2 million, indicating a significant increase in investment activities[33] Balance Sheet Highlights - Total assets increased from $4,668.5 million to $4,678.6 million, reflecting a growth of 0.2%[31] - Total liabilities increased from $1,653.8 million to $1,926.7 million, an increase of 16.5%[31] - Total equity decreased from $3,031.4 million to $2,751.9 million, a decline of 9.2%[31] - Long-term debt, less current portion, increased from $918.4 million to $1,188.1 million, an increase of 29.4%[31]

[Financial & Operational Performance Overview](index=2&type=section&id=Financial%20%26%20Operational%20Performance%20Overview) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted the strategic shift to the Zenvia Customer Cloud and acknowledged that while EBITDA grew, it missed guidance due to Q4 challenges - CEO Cassio Bobsin emphasized the launch of Zenvia Customer Cloud, an integrated, AI-driven platform, as the new core business, with **nearly 6,000 clients** adopting it by year-end[6](index=6&type=chunk) - CFO Shay Chor noted that **2024 Normalized EBITDA grew 38% YoY but missed guidance**, impacted by Q4 cost adjustments and increased SMS costs, with profitability expected to normalize in 2025[6](index=6&type=chunk) [Key Financial & Operational Highlights](index=2&type=section&id=Key%20Financial%20%26%20Operational%20Highlights) Full-year 2024 revenue grew 18.8%, but gross margin declined, guidance was missed, and the active customer base shrank by 17.8% **Full Year 2024 vs. 2023 Financial Metrics** | Key Financial Metrics (BRL MM) | FY 2024 | FY 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | 959.7 | 807.6 | 18.8% | | Gross Profit | 294.8 | 330.5 | -10.8% | | Normalized EBITDA | 105.1 | 76.1 | 38.1% | | Income/Loss of the Period | (154.7) | (60.8) | 154.5% | | Total Active Customers | 10,622 | 12,929 | -17.8% | **Q4 2024 vs. Q4 2023 Financial Metrics** | Key Financial Metrics (BRL MM) | Q4 2024 | Q4 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | 231.4 | 217.0 | 6.6% | | Gross Profit | 36.6 | 110.3 | -66.8% | | Normalized EBITDA | 34.8 | 37.1 | -6.2% | - G&A expenses as a percentage of revenue improved significantly, **decreasing by 4.1 percentage points to 11.9%** in FY 2024 from 16.0% in FY 2023[5](index=5&type=chunk)[12](index=12&type=chunk) - The company's cash balance **increased by 83.4% YoY to BRL 116.9 million** at the end of 2024, reflecting a focus on cash preservation[6](index=6&type=chunk)[19](index=19&type=chunk) [Subsequent Events & Strategic Outlook](index=4&type=section&id=Subsequent%20Events%20%26%20Strategic%20Outlook) Post-year-end, Zenvia launched a new strategic cycle focused on its Zenvia Customer Cloud solution for future growth - On January 13, 2025, Zenvia announced a **new strategic cycle centered on its newly launched Zenvia Customer Cloud solution**[13](index=13&type=chunk) - The Zenvia Customer Cloud platform has been adopted by **approximately 6,000 companies**, with 20% being international clients[13](index=13&type=chunk) - The platform is estimated to have generated **close to R$180 million in revenue** for the year ended December 31, 2024[13](index=13&type=chunk) [Business Segment Performance](index=4&type=section&id=Business%20Segment%20Performance) [SaaS Business](index=4&type=section&id=SaaS%20Business) SaaS revenue grew 8.0% annually but declined in Q4, with full-year gross margin falling due to competition and platform launch costs **SaaS Business Performance (FY 2024 vs. FY 2023)** | Metric (BRL MM) | FY 2024 | FY 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | 318.7 | 295.0 | 8.0% | | Non-GAAP Adj. Gross Profit | 179.1 | 188.3 | -4.9% | | Non-GAAP Adj. Gross Margin | 56.2% | 63.8% | -7.6 p.p. | | Total Active Customers | 5,936 | 7,127 | -16.7% | - Q4 2024 revenue **declined 9.7% YoY**, primarily due to a decrease in revenues from Enterprise customers facing a very competitive environment[14](index=14&type=chunk)[16](index=16&type=chunk) - The full-year Non-GAAP Adjusted Gross Margin decline was attributed to **tighter margins from large enterprises** and higher infrastructure costs for the Zenvia Customer Cloud launch[17](index=17&type=chunk)[18](index=18&type=chunk) [CPaaS Business](index=5&type=section&id=CPaaS%20Business) CPaaS revenue grew 25.1% annually, but profitability was severely impacted by higher SMS costs and a strategic shift to lower-margin clients **CPaaS Business Performance (FY 2024 vs. FY 2023)** | Metric (BRL MM) | FY 2024 | FY 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | 641.0 | 512.6 | 25.1% | | Non-GAAP Adj. Gross Profit | 166.4 | 194.3 | -14.3% | | Non-GAAP Adj. Gross Margin | 26.0% | 37.9% | -11.9 p.p. | | Total Active Customers | 4,963 | 6,263 | -20.8% | - Q4 2024 Non-GAAP Adjusted Gross Margin was exceptionally low at **4.0% due to a BRL 27.8 million SMS cost adjustment** related to the full year; excluding this, the margin would have been 21.8%[22](index=22&type=chunk) - The full-year margin decline was attributed to **higher SMS costs and a deliberate strategy to acquire new clients with tighter margins**, which is expected to pay off in the long term[23](index=23&type=chunk)[25](index=25&type=chunk) [Consolidated Financial Result Analysis](index=5&type=section&id=Consolidated%20Financial%20Result%20Analysis) Strong revenue growth was offset by significant margin pressure from higher costs and strategic pricing, leading to a miss on annual EBITDA guidance - Q4 performance was negatively impacted by a combination of factors: **higher SMS costs and lower margins from new CPaaS clients**, alongside fierce competition and increased infrastructure costs in the SaaS segment[25](index=25&type=chunk)[26](index=26&type=chunk) - Despite a **37% YoY reduction in Q4 G&A expenses**, the drop was not enough to offset the lower gross margins from both business segments[27](index=27&type=chunk) - The company **missed its annual guidance for 2024**, with Normalized EBITDA of BRL 105.1 million falling below the BRL 120-140 million range, due to the aforementioned margin pressures[19](index=19&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Detailed Financial Statements](index=7&type=section&id=SELECTED%20FINANCIAL%20DATA) [Income Statement](index=7&type=section&id=Income%20Statement) FY 2024 saw 18.8% revenue growth but a 10.8% gross profit decline, with a surge in net financial expenses driving a 154.5% larger net loss **Key Income Statement Items (FY 2024 vs. FY 2023)** | Metric (in thousands of BRL) | FY 2024 (audited) | FY 2023 (audited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 959,680 | 807,577 | 18.8% | | Gross profit | 294,773 | 330,542 | -10.8% | | Operating gain (loss) | 3,275 | (10,711) | n.m. | | Financial expenses, net | (131,309) | (44,052) | 198.1% | | Income/Loss for the period | (154,658) | (60,771) | 154.5% | [Balance Sheet](index=8&type=section&id=Balance%20Sheet) The balance sheet shows a significant cash increase and higher total liabilities, while equity decreased due to accumulated losses **Key Balance Sheet Items (as of Dec 31)** | Metric (in thousands of BRL) | 2024 (audited) | 2023 (audited) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 116,884 | 63,742 | | Total current assets | 318,990 | 250,331 | | Intangible assets | 1,318,099 | 1,347,327 | | **Total assets** | **1,743,554** | **1,711,564** | | **Liabilities & Equity** | | | | Total current liabilities | 674,759 | 607,374 | | Total non-current liabilities | 297,380 | 215,243 | | **Total liabilities** | **972,139** | **822,617** | | **Total equity** | **771,415** | **888,947** | [Cash Flow Statement](index=9&type=section&id=Cash%20Flow) Operating cash flow decreased, while a reversal in financing activities led to a net BRL 53.1 million increase in cash for the year **Cash Flow Summary (FY 2024 vs. FY 2023)** | Metric (in thousands of BRL) | FY 2024 (audited) | FY 2023 (audited) | | :--- | :--- | :--- | | Net cash from operating activities | 107,771 | 162,547 | | Net cash used in investing activities | (62,618) | (53,903) | | Net cash from (used in) financing activities | 9,105 | (143,766) | | **Net increase (decrease) in cash** | **53,142** | **(36,501)** | [Indebtedness](index=9&type=section&id=Indebtedness) Total indebtedness increased to BRL 126.9 million at year-end, driven primarily by a rise in working capital financing **Indebtedness (as of Dec 31)** | Category (in thousands of BRL) | 2024 (audited) | 2023 (audited) | | :--- | :--- | :--- | | Working capital | 114,762 | 69,667 | | Debentures | 12,093 | 18,129 | | **Total** | **126,855** | **87,796** | [Non-GAAP Financial Measures Reconciliation](index=10&type=section&id=Special%20Note%20Regarding%20Non-GAAP%20Financial%20Measures) [Reconciliation of Gross Profit](index=10&type=section&id=Reconciliation%20of%20Gross%20Profit) Non-GAAP Adjusted Gross Profit fell 9.7% to BRL 345.5 million after adding back BRL 50.7 million in amortization from the SaaS segment **Consolidated Gross Profit Reconciliation (FY 2024)** | Metric (in thousands of BRL) | Amount | | :--- | :--- | | Gross profit (IFRS) | 294,773 | | (+) Amortization of intangibles | 50,746 | | **Non-GAAP Adjusted Gross Profit** | **345,519** | | Non-GAAP Adjusted Gross Margin | 36.0% | - The amortization of intangible assets from business combinations, which is the sole adjustment to gross profit, is **entirely allocated to the SaaS segment**[45](index=45&type=chunk)[47](index=47&type=chunk) [Reconciliation of EBITDA](index=12&type=section&id=Reconciliation%20of%20EBITDA) Normalized EBITDA rose 38.1% to BRL 105.1 million, primarily adjusted for non-recurring items like a significant Q4 SMS cost accrual **EBITDA Reconciliation (FY 2024)** | Metric (in thousands of BRL) | Amount | | :--- | :--- | | Income/Loss for the period | (154,658) | | (+) Taxes, Net Financial Exp, D&A | 250,000 | | **Adjusted EBITDA** | **95,294** | | (+) Earn-outs | 9,822 | | **Normalized EBITDA** | **105,116** | - A significant non-recurring event of **BRL 27.8 million, related to an SMS cost adjustment**, was excluded from Q4 2024 results to arrive at Normalized EBITDA[50](index=50&type=chunk)

Financial Performance - The company reported a net loss of $1.8 million for the year ended December 31, 2024, a significant decrease from a net loss of $20.3 million in 2023, which included a $14.4 million non-cash gain on debt extinguishment[9]. - The company reported a net loss of $1,787,000 for 2024, a substantial improvement compared to a net loss of $20,291,000 in 2023[17]. - The net loss per share attributable to common stockholders improved from $(4,718.84) in 2023 to $(104.35) in 2024[17]. Research and Development - For the fiscal year ended December 31, 2024, research and development expenses increased to $16.3 million from $8.3 million in 2023, primarily due to a $7.5 million charge related to acquired in-process R&D from the Varian asset purchase[7]. - Research and development expenses increased significantly from $8,341,000 in 2023 to $16,276,000 in 2024, representing a 95.5% increase[17]. - The company announced positive results from its Phase 2 SEISMiC Extension Study of istaroxime in September 2024, and initiated enrollment in the global SEISMiC C trial for more severely ill patients[4]. Corporate Strategy and Licensing - A new corporate strategy was launched to become a revenue-generating biotech through acquisitions of small companies with FDA-approved products, aiming to provide near-term value to shareholders[4]. - The company entered into a licensing agreement with Evofem Biosciences for PHEXXI®, aiming to leverage manufacturing contacts to reduce costs[4]. - Licensing partner Lee's Pharmaceutical is preparing to initiate a Phase 3 program for acute heart failure in Greater China, with a deal worth up to $138 million in milestones plus royalties[6]. Financial Position - As of December 31, 2024, cash and cash equivalents were $1.8 million, with additional net proceeds of $1.5 million from the sale of common stock following mandatory redemption payments on Series C preferred stock[11]. - Total current assets decreased from $5,379,000 in 2023 to $2,574,000 in 2024, a decline of approximately 52.2%[16]. - Total liabilities decreased from $29,015,000 in 2023 to $14,698,000 in 2024, a reduction of approximately 49.3%[16]. - Stockholders' equity increased from $3,391,000 in 2023 to $9,996,000 in 2024, reflecting a growth of 194.5%[16]. Operational Metrics - Total operating expenses rose from $20,597,000 in 2023 to $26,139,000 in 2024, an increase of 27.1%[17]. - The company recorded a change in fair value of common stock warrant liability of $10,482,000 in 2024, with no prior year comparison available[17]. - The weighted average number of common shares outstanding increased from 4,300 in 2023 to 52,583 in 2024[17]. - The company regained Nasdaq compliance with the minimum bid price requirement, subject to a mandatory panel monitor until March 20, 2026[4]. - The company completed national phase filings for istaroxime patent applications in key global markets, strengthening its intellectual property portfolio[6]. - The company is actively evaluating revenue-generating opportunities across various sectors that align with its capabilities and strategic vision[4].

Financial Performance - Total consolidated revenues increased by 3% to $48.3 million, compared to $46.8 million in Q1 2024[5] - Consolidated gross profits increased by 6% to $12.9 million, with gross margins rising to 26.7% from 25.9% in Q1 2024[3][5] - The Data and Analytics Services segment reported revenues of $9.0 million, an 11% increase from $8.1 million in Q1 2024[5] - The IT Staffing Services segment achieved a 2% revenue increase, totaling $39.4 million compared to $38.8 million in Q1 2024[22] Net Income and Loss - GAAP net loss for Q1 2025 was ($1.4 million) or ($0.12) per diluted share, compared to a net loss of ($161,000) or ($0.01) per diluted share in Q1 2024[3][5] - Non-GAAP net income for Q1 2025 was $0.8 million, or $0.06 per diluted share, consistent with Q1 2024[3][5] Cash and Financial Position - Cash balances on hand as of March 31, 2025, were $24.7 million, with no bank debt and $23.7 million available under the revolving credit facility[6] - Days Sales Outstanding (DSO) stood at 56 days, well within the targeted range[6] Expenses and Future Outlook - The Company incurred $1.4 million in severance expenses during Q1 2025, compared to no severance expenses in Q1 2024[5] - The Company remains cautiously optimistic about future growth despite a challenging demand environment[6]

Exhibit 99.1 So-Young Reports Unaudited First Quarter 2025 Financial Results BEIJING, China, May 16, 2025 — So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights First Quarter 2025 Operational Highlights This press release contains translations o ...

Financial Results Announcement - AgEagle Aerial Systems, Inc. announced its financial results for Q1 2025 on May 16, 2025[3] - The press release detailing the financial results is included as Exhibit 99.1[3] Compliance and Regulations - The filing indicates compliance with the Securities Exchange Act of 1934[4] - The company has not elected to use the extended transition period for new financial accounting standards[2] - The company is classified as an emerging growth company under the relevant regulations[2] Executive Approval - The report was signed by CEO William Irby, indicating executive approval of the contents[9] Financial Metrics and Outlook - The report does not provide specific financial metrics or performance indicators in the available documents[4] - No specific user data or future outlook was disclosed in the provided documents[4] Product and Market Information - There are no mentions of new products, technologies, market expansion, or acquisitions in the available information[4] Company Information - The company is listed on NYSE American under the trading symbol UAVS[2]

Financial Performance - Q1 2025 revenue was reported at $5.9 million, reflecting a decline compared to the same period in 2024 due to market challenges and operational issues[11] - Total revenue for Q1 2025 was $5.936 million, a decrease of 52.7% compared to $12.549 million in Q1 2024[28] - Cryptocurrency mining revenue decreased to $2.999 million, down 53.1% from $6.396 million in the same period last year[29] - Data hosting revenue also declined to $2.402 million, a 54.5% decrease from $5.278 million in Q1 2024[29] - The net loss attributable to Soluna Holdings, Inc. for Q1 2025 was $7.556 million, compared to a net loss of $5.254 million in Q1 2024[29] - Basic and diluted loss per share for Q1 2025 was $0.88, compared to $2.62 in Q1 2024[29] - Adjusted EBITDA for Q1 2025 was a loss of $1.6 million, a decline of $6.8 million compared to Q1 2024[15] - The company reported a significant increase in general and administrative expenses, which rose to $8.350 million in Q1 2025 from $6.397 million in Q1 2024[29] - Net loss from continuing operations for the three months ended March 31, 2025, was $7,354 million, compared to a loss of $2,544 million in the same period of 2024[36] - Adjusted EBITDA for the three months ended March 31, 2025, was $(1,648) million, down from $5,147 million in the same period of 2024[36] Assets and Liabilities - Total current assets increased to $15.758 million as of March 31, 2025, up from $13.495 million at the end of 2024[26] - Total assets rose to $90.049 million as of March 31, 2025, compared to $88.040 million at the end of 2024[26] - Total liabilities increased to $63.056 million as of March 31, 2025, compared to $60.678 million at the end of 2024[26] - Cash and restricted cash at the end of Q1 2025 totaled $14.448 million, an increase from $11.394 million at the end of Q1 2024[31] Project Development - The company has 220MW of new projects in development, contributing to a total project pipeline of approximately 698MW across operations, construction, and development[10] - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64%, reaching a total of 123MW, with an expected completion timeline of Q4 2025[7] Financial Flexibility - Unrestricted cash increased to $9.2 million, a $1.4 million rise from December 31, 2024, indicating a strong cash position[11] - The company secured a $5 million non-dilutive debt facility with Galaxy Digital, enhancing its financial flexibility[10] Operational Changes - The termination of the HP Enterprises contract is expected to refocus the company on crypto-mining and AI data center development[6] - The company has made significant progress in simplifying its capital structure, including the full conversion of convertible loan notes and restructuring of preferred equity[5] Patent and Technology - A second utility patent was awarded in April 2025, broadening the scope of the company's modular data center technology[10]

Financial Performance - Q1 2025 revenue was reported at $5.9 million, a decline compared to the same period in 2024 due to several factors including BTC halving and market conditions[11] - Total revenue for Q1 2025 was $5.936 million, a decrease of 52.7% compared to $12.549 million in Q1 2024[29] - Cryptocurrency mining revenue decreased to $2.999 million, down 53.1% from $6.396 million in the same period last year[29] - Data hosting revenue also declined to $2.402 million, a 54.5% decrease from $5.278 million in Q1 2024[29] - The net loss attributable to Soluna Holdings, Inc. for Q1 2025 was $7.556 million, compared to a net loss of $5.254 million in Q1 2024[29] - Basic and diluted loss per share for Q1 2025 was $0.88, an improvement from a loss of $2.62 per share in Q1 2024[29] - The net loss from continuing operations for the three months ended March 31, 2025, was $7,354 million, an increase from a loss of $2,544 million in the same period of 2024[36] - Adjusted EBITDA declined to a loss of $1.6 million, down $6.8 million from Q1 2024, influenced by revenue and cost factors[15] - Adjusted EBITDA for the three months ended March 31, 2025, was $(1,648) million, down from $5,147 million in the previous year[36] Cash and Assets - Unrestricted cash increased to $9.2 million, reflecting a $1.4 million growth from December 31, 2024[11] - Total current assets increased to $15.758 million as of March 31, 2025, up from $13.495 million at the end of 2024[26] - Cash and restricted cash at the end of Q1 2025 totaled $14.448 million, an increase from $11.394 million at the end of Q1 2024[31] Liabilities and Expenses - Total liabilities rose to $63.056 million as of March 31, 2025, compared to $60.678 million at the end of 2024[26] - Operating expenses for Q1 2025 were $8.350 million, up from $6.397 million in Q1 2024, reflecting increased general and administrative costs[29] - The company reported a significant increase in stock-based compensation, totaling $1.847 million in Q1 2025 compared to $661,000 in Q1 2024[31] - Interest expense for the three months ended March 31, 2025, was $838 million, compared to $424 million in the previous year[36] Projects and Development - The company has 220MW of new projects in development, contributing to a total project pipeline of approximately 698MW across operations, construction, and development[10] - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64%, reaching a total of 123MW, with an expected completion timeline of Q4 2025[7] - The termination of the HP Enterprises contract allows the company to refocus on crypto-mining and AI data center development[6] - The company anticipates revenue stabilization and growth as additional MW of Bitcoin hosting capacity is commissioned over the next two years[11] Patents and Technology - The second utility patent was awarded in April 2025, expanding the scope of Soluna's Modular Data Center technology[10] Historical Comparison - Total revenue for the three months ended March 31, 2024, was $12,549 million, a decrease from $11,674 million in the previous quarter[33] - Cryptocurrency mining revenue was $6,396 million, while data hosting revenue was $5,278 million for the same period[33] - Segment operating income for the three months ended March 31, 2024, was $5,703 million, compared to $3,229 million in the previous year[33] - Total cost of revenue for the three months ended March 31, 2024, was $5,615 million, compared to $4,763 million in the previous quarter[35] - The gross profit for the three months ended March 31, 2024, was $6,934 million, a decrease from $1,173 million in the previous quarter[35] - Demand response revenue for the three months ended March 31, 2024, was $875 million, while it was $507 million in the same period of 2025[35] - The total segment cost of revenue for the three months ended March 31, 2024, was $5,777 million, an increase from $5,615 million in the previous quarter[33]

Revenue and Profitability - Revenue increased 4,432% to $925,635 in Q1 2025, compared to $20,426 in Q1 2024[5] - Net loss was approximately $2.85 million in Q1 2025, compared to a net loss of approximately $1.41 million in Q1 2024, with the net profit margin improving from approximately (6,947)% to (309)% year-over-year[5] - Adjusted EBITDA was approximately $(1.96) million in Q1 2025, compared to approximately $(1.34) million in Q1 2024[5] - Net loss for Q1 2025 was $2,850,351, compared to a net loss of $1,419,045 in Q1 2024, representing an increase of 101% in losses year-over-year[18] - Adjusted EBITDA for Q1 2025 was $(1,960,997), compared to $(1,337,147) in Q1 2024, indicating a decline of 47% in operational performance[21] Cash and Liquidity - Cash was approximately $1.2 million as of Q1 2025, down from $3.1 million in Q1 2024[5] - Cash and cash equivalents at the end of Q1 2025 were $1,204,400, down from $4,838,146 at the end of Q1 2024, reflecting a decrease of 75%[18] - Cash used in operating activities for Q1 2025 was $(2,267,103), an increase of 48% compared to $(1,527,238) in Q1 2024[18] - Total adjustments to reconcile net loss to net cash used in operating activities were $583,248 in Q1 2025, compared to $(108,193) in Q1 2024[18] - Cash used for additions to capitalized software was $(91,310) in Q1 2025, slightly lower than $(97,700) in Q1 2024[18] - Proceeds from issuance of common stock in Q1 2025 amounted to $231,235, with no such proceeds reported in Q1 2024[18] - Net cash provided by investing activities was $244,554 in Q1 2025, compared to $(19,700) in Q1 2024, indicating a significant improvement[18] Operating Performance - Operating expenses increased to $2.94 million in Q1 2025, compared to $1.31 million in Q1 2024[15] - The company incurred $205,247 in interest expense in Q1 2025, compared to $10,445 in Q1 2024, marking a substantial increase[21] Assets and Investments - Total assets increased to $18.54 million as of March 31, 2025, compared to $11.99 million as of December 31, 2024[12] - The acquisition of GTG Financial contributed to originating 36 mortgages for a total loan volume of approximately $22.4 million since its acquisition in Q1 2025[6] Corporate Developments - The company secured a $5 million media-for-equity investment from Mercurius Media Capital LP on March 10, 2025[7] - The company launched several tools to enhance operational efficiency, including a new public-facing website for Be My Neighbor[6] - The company appointed Piyush Phadke as Chief Financial Officer and Vijay Rathna as Chief Crypto Officer[6] Gains and Losses - The company reported a gain on the sale of properties of $0 in Q1 2025, compared to a gain of $(31,378) in Q1 2024[18]